Circle, the company behind the USDC stablecoin, sold Binance $100 million worth of Class A shares through a private placement that closed on September 17. The agreement, disclosed via an 8-K form filed with the SEC on September 22, stipulates that Circle will pay Binance a monthly commission on USDC reserves held through its Modular Smart Contract Wallet infrastructure for five years. The shares are locked up for two years: Binance cannot sell, transfer, or pledge them, but retains full shareholder rights. At the current share price, the position is worth approximately $116.9 million, representing a latent gain of nearly $17 million for Binance.
Source: Read the original article
Disclaimer: this content is for information purposes only and is not financial advice. Cryptocurrencies are highly volatile: you may lose all of your capital. Always do your own research. Legal notice
